This is because many providers calculate fees as a percentage of the transaction’s total value. However, if you want a wide range of options for cashing out your crypto, then this is your best bet. These exchanges are also very reliable and user-friendly, which makes them an appealing option for many traders. When used for transactions, the crypto is automatically converted to fiat currency, making it a convenient tool for daily expenses. Bitcoin ATMs enable users to buy or sell Bitcoin directly using cash or cards, offering a seamless on-ramp or off-ramp to the cryptocurrency ecosystem. These machines are typically equipped with a touchscreen interface, a QR code scanner, and a cash dispenser.
If you live in a major city, there’s a decent chance you can find a Bitcoin ATM near you. And, some Bitcoin ATMs let you convert BTC from your wallet into cash. All you have to do is scan your wallet QR code and then enter the amount of BTC you’re selling and the ATM will display how much cash you can get. These days, popular money-transfer apps like Cash App and PayPal are getting in on the crypto action. So, if you hold digital currencies with these apps, you can also use them to sell off your crypto for money.
Get cash from a Bitcoin ATM
You may want to cash out Bitcoin and other crypto for numerous reasons. For a start, cashing out your crypto allows you to enjoy any gains you’ve made. In fact, the best time to cash out your crypto is when you have made optimal gains in your trading portfolio. This is typically the main reason traders convert their cryptocurrency assets into fiat currency or another digital currency.
The BitPay Card is one of the top crypto cards for U.S. residents. It is also one of the cheapest ways to convert crypto to cash, while still receiving your cash near instantly. Load the card from your BitPay Wallet balance or connect to a Coinbase account.
Before selling off your crypto to stash piles of cash under your mattress, evaluate your overall crypto investing strategy. If you are a long-term investor and believe in the assets you hold, you may regret selling after prices recover. With all the volatility in the crypto market, it’s easy to want to sell when things are looking grim. But if you sell when the markets are down, the opportunity cost may be huge.
The articles and research support materials available on this site are educational and are not intended to be investment or tax advice. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Select a platform based on its security features, fees, liquidity, and user reviews. Centralized exchanges are user-friendly but can have higher fees, while decentralized ones offer more privacy but might lack liquidity.
Step 1: Choosing the Right Crypto Exchange
We’ll uncover a range of methods to cash out your crypto, ensuring you choose the most fitting approach. And while peer-to-peer (P2P) exchanges and Bitcoin ATMs offer anonymity, consider the (potential) high fees and hassles of the process. Crypto is a speculative asset that can be part of a larger, diversified investing strategy, but don’t panic sell just because the news says “Bitcoin is dead” for the 1,400th time. Instead, take a level-headed approach to your investment strategies, and make decisions based on your long-term goals — not short-term feelings. So while Bitcoin ATMs are an option to quickly access physical cash by selling your crypto, there is a high cost for the privilege of using them. And many also require verifying your identity or creating an account with the ATM company.
Software like TaxBit and ZenLedger do an excellent job at consolidating all of your crypto transactions for a given year and breaking down all of your taxable events. This software can even support NFT transactions, so it’s a comprehensive way to track and report what is responsibility accounting all of your crypto and NFT activity. Thankfully, there are plenty of options for crypto investors to cash out their coins if they need to. However, before you pull the trigger, there are several implications you should consider. Similarly, hardware wallet Trezor has its own Trezor Suite that lets you swap or sell off crypto your hold for fiat.
How to turn your Bitcoin into cash
To do so, you’ll need to verify your identity and enter the amount you want to withdraw. The ATM should then show you a QR code you’ll scan to send bitcoin to the ATM. It’s one thing to know you want to convert your bitcoin to cash, but it’s another to know how to cash out bitcoin.
- For example, eToro charges a flat 1% trading fee to sell crypto, which is a fairly low rate.
- As you can see, the buyer has a 100% feedback rating, and has completed more than 1000 trades!
- You can go the convenient route and use a Bitcoin ATM to get fast access to your crypto but at a significantly higher commission.
How we make money
Binance is the most popular exchange platform for buying and selling Bitcoin. They tend to process more Bitcoin transactions than any other exchange and have a massive customer base of over 28 million. To make sure brokers do not break money laundering laws, you will need to withdraw to the same bank account that you deposited with.
You can withdraw all your money from crypto, but the ease of doing so depends on the sum and the method you use. Depending on how large or small your transaction is may determine which method you use. When using centralized exchanges for cashing out cryptocurrency, it’s essential to consider these factors and exercise caution to mitigate risks effectively. There are quite a few ways to cash out your Bitcoin, but you need to know what your goals are before selling. If you simply want to use your crypto to make purchases, you can solicit Bitcoin-friendly businesses, or use a crypto debit card to use the value of your crypto at the store.
Today, Coinme is launching the ability to send and receive USDC on the Stellar network in the Coinme wallet. Stellar USDC provides users with a fast, cheap, and easy-to-use alternative to other USDC enabled blockchains. Coinme is in the business of making it easier for more people to buy and sell bitcoin and cryptocurrencies, whenever they want, and increasingly, wherever they want. After your P2P transaction is complete, you should leave feedback for the buyer. This way, the exchange’s rating system can show other sellers which potential buyers are to be trusted (or not) during future transactions.
